Teva sells Ivax Diagnostics stake

Teva acquired the share in the company as part of its takeover of Ivax Corporation in 2006.

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has sold its 72% stake in Ivax Diagnostics Inc. (AMEX: IVD) for $14 million to a group controlled by two medical diagnostics and pharmaceutical industry entrepreneurs, Paul Kennedy and Patrice Debregeas. Teva acquired the Ivax Diagnostics stake as part of its acquisition of Ivax Corporation in 2006.

Paul Kennedy has more than 30 years of experience with Novo Nordisk France, a joint subsidiary of Abbott Laboratories Inc. (NYSE: ABT) and British pharmacy chain Boots Co. Ltd. Patrice Debregeas is president of Debregeas & Associes Pharma SAS, a drug development company. Kennedy said the buyers look to build on Ivax Diagnostics' operating companies in the US and Italy by expanding the menu of test kits that they offer to include other complementary infectious disease and autoimmune testing sectors."

Teva Europe VP Eli Shohet said, “The Ivax Diagnostics team has worked hard to build a business that is well positioned to pursue exciting growth opportunities."

Miami-based Ivax Diagnostics develops, manufactures, and markets proprietary diagnostic reagents, instrumentation, and software in the US and Italy through three subsidiaries - Diamedix Corporation, Delta Biologicals S.r.l., and ImmunoVision, Inc.

Published by Globes [online], Israel business news - - on September 3, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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